Economy Briefs

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The Shanghai-based airline swapped the 787 order for 45 of Boeing’s smaller 737s instead. It also placed a new order with Boeing competitor Airbus for 15 new A330s, which are in roughly the same size class as the 787.

Last month, Boeing delivered the first 787 to a customer, three years late. The delays have forced airlines to revise their fleet plans and have cost Boeing good will with its airline customers. China Eastern said in a filing that the 787 cancellation was “due to Boeing Company’s delay in delivery.”

ITALY

24 Italian banks downgraded by S&P

Standard & Poor’s on Tuesday downgraded its ratings of 24 Italian banks, including major lenders BMPS and UBI Banca, citing the deteriorating economic condition in the country.

The ratings agency said funding costs for Italian banks will increase noticeably because of higher yields on Italian sovereign debt, resulting in tighter credit conditions and weaker economic activity in the short-to-medium term.

Last month, S&P cut the credit ratings of seven of Italy’s large banks but left the rating of Unicredit, Italy’s biggest bank, unchanged while putting it on watch for a possible downgrade.

TECHNOLOGY

BlackBerry maker shows new phone, tablet software

SAN FRANCISCO — BlackBerry maker Research in Motion Ltd. unveiled a new operating system Tuesday in hopes of grabbing some attention away from the iPhone and Android phones.

The new BBX system combines existing BlackBerry elements with RIM’s previously announced QNX operating system for phones and tablet computers.

RIM said BBX will incorporate the reliability and security features of QNX, which RIM snagged in 2010 by purchasing QNX Software Systems. It will also enable software developers to create more advanced, dynamic apps for the devices.

The Canadian company gave few details about the software and did not say when devices using it would be available. The company previously said it would offer phones running QNX software in 2012.

From wire dispatches and staff reports

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